Author: Oscar Cronquist Article last updated on August 22, 2018

The PRICEMAT function calculates the price per $100 nominal value of a bond that pays interest at maturity.

Formula in cell C10:

=PRICEMAT(C3,C4,C5,C6,C7,C8)

Excel Function Syntax

PRICEMAT(settlement, maturity, issue, rate, yld, [basis])

Arguments

settlement Required. The bond's settlement date, in other words, the date a buyer purchases a security.
maturity Required. The bond's maturity date, in other words, when it expires.
issue Required. The bond's issue date.
rate Required. The bond's interest rate at date of issue.
yld Required. The bond's annual return.
[basis] Optional. Day count basis.

0 (zero) -  US (NASD) 30/360 (default value)

1 - Actual/actual

2 - Actual/360

3 - Actual/365

4 - European 30/360

Comments

Settlement, maturity, issue, and basis are shortened to integers.

The PRICEMAT function returns:

#NUM! error value if

rate < 0

yld < 0

basis < 0

basis > 4

settlement >= maturity

#VALUE! error value if

settlement, issue or maturity is not a valid date. Use the DATE function in the PRICEMAT function to avoid errors. Example DATE(2010, 11, 5) is 5th November, 2010.

How the function works

The following formula demonstrates how the PRICEMAT function calculates.

B Days in year.
DSM Days from settlement to maturity.
DIM Number of days from issue to maturity.
A Number of days from issue to settlement.